Allen & Overy advises Cerberus on privatization of HSH Nordbank
Frankfurt am Main / Hamburg — Allen & Overy LLP is advising US financial investor Cerberus Capital Management on the acquisition of HSH Nordbank by independent investors. The agreement provides for a purchase price of around one billion euros for 94.9 percent of the shares held in HSH Nordbank. The other buyers include financial investors J.C. Flowers, GoldenTree Asset Management and Centaurus Capital, as well as Austria’s BAWAG P.S.K. Bank für Arbeit und Wirtschaft and Österreichische Postsparkasse.
In connection with the acquisition, problem loans with a nominal value of several billion euros will be sold from the bank. This will enable HSH Nordbank to compete without state aid in the future. The acquisition of HSH Nordbank by independent investors marks the first time that a German Landesbank has been successfully privatized.
The transaction will be completed once the necessary regulatory approvals have been obtained. These include approval by the European Commission, the European Central Bank, the parliaments of the states of Hamburg and Schleswig-Holstein, and the relevant antitrust authorities.
Allen & Overy is advising Cerberus on, among other things, the purchase agreement, the offloading of the problem loans, on all regulatory aspects (including banking supervision law and antitrust law) and on labor and tax issues.
The Allen & Overy team was led by partners Dr. Hartmut Krause (Corporate/M&A, Frankfurt) and Dr. Nicolaus Ascherfeld (Corporate/M&A, Hamburg — both lead) and included the following additional team members:
Counsel Max Landshut (Corporate/M&A, Hamburg), Dr. Andre P.H. Wandt (Corporate, Frankfurt), Senior Associate Alexander Wüpper (Corporate/M&A, Frankfurt) and Associates Gregor Petric, Tatiana Marzoli, Frederic Wünsche (all Corporate/M&A, Frankfurt), Dr. Moritz Meister and Dr. Stefan Witte (both Corporate/M&A, Hamburg), Fabian Schulze and Kai Schadtle (both Banking Regulatory, Frankfurt).
Furthermore, the team consisted of the partners Dr. Jan Schröder (Corporate/M&A, Düsseldorf), Jürgen Schindler (Antitrust, Brussels), Dr. Heike Weber (Tax, Frankfurt), John Coburn, Dr. Franz Bernhard Herding, Wolfgang Melzer, Dr. Norbert Wiederholt (all Banking and Finance, Frankfurt), Dr. Walter Uebelhoer (Banking, Munich), Dr. Stefan Henkelmann (Capital Markets, Frankfurt), Dr. Jens Matthes (IP/IT, Düsseldorf), Markulf Behrendt (Labor Law, Hamburg), Dr. Hans-Peter Löw (Labor Law, Frankfurt), Tobias Neufeld (Labor Law, Düsseldorf), the Counsel Dr. Udo Herbert Olgemöller (Public Law, Frankfurt) and Dr. Ilja Baudisch (Banking and Finance Law, Munich), the Of Counsel Frank Herring (Banking Supervisory Law, Frankfurt) and Dr. Oliver Waldburg (Banking and Finance Law, Frankfurt), Senior Associates Fatih Coskun, Christopher Jahnke, Lorenz Riehl (all Banking and Finance Law, Frankfurt), Dr. Christoph Börskens, Dr. Riccardo Marinello (both Real Estate, Frankfurt), Dr. Andreas Ziegler (Public Law, Frankfurt), Dr. Sebastian Schulz (Labor Law, Frankfurt), Karen Zöttl (Banking and Finance Law, Frankfurt), Daniela Schmitt (International Capital Markets, Frankfurt) and Associates Dr. Rauni Ahammer (Banking and Finance, Munich), Louisa Drewniok, Dr. Anna Serwotka, Dr. Jörg Weber, Antonia Wolf (all Banking and Finance, Frankfurt), Dr. Anna Opel (Public Law, Frankfurt), Dr. Lisa Müller, Anja Glück (both Labor Law, Frankfurt), Catharina Glugla (Labor Law, Düsseldorf) and Dr. Wolfgang H. Wittek (Labor Law, Hamburg) as well as Transaction Support Lawyer Angelika Pikulska (Corporate, Munich).